The Pros & Cons of Going Green for Your Small Business

The trend for “going green” in the world of business is very strong. If you’re wondering if you should take your company in an environmentally friendly direction, we’re here to share with you the pros and cons of doing so.

The Pros of Going Green with Your Small Business

1. Going Green Can Mean Cutting Costs

One of the biggest benefits you’ll see from going green is increased energy efficiency and waste reduction. What does this mean for your business? Savings. Energy efficiency will cut down your electric bill, and the average savings per year at an eight-employee company is over $10,000 just by going paperless!

2. Many Companies See Increased Revenue from Going Green

As environmental consciousness grows among the typical American consumer, there is a greater demand for more green products and services. This means that going green can help build your customer base. Additionally, a recent study shows customers are willing to pay up to 10 percent more for “green” products meaning you can charge more.

3. Going Green Will Help You Build Goodwill Among Your Community

Going green will help you gain respect and recognition in your community. Many customers want to see that you care about the local environment. In fact, for each dollar put towards increased sustainability and community projects, sales can increase by $6.

4. You Can Boost Company Morale by Going Green

When individuals are searching for a job, a company’s reputation is one of their top priorities. Companies with a focus on sustainability have been shown to recruit more committed and motivated employees. Having the right type of employees will improve office morale and lead to long-term savings in human resources.

5. You Can Take Advantage of Tax Credits by Going Green

Not only does going green help you cut costs on your energy bills, but also you are also eligible to save money on your tax return. Tax credits are available to companies that take advantage of environmentally friendly business practices!

The Cons of Going Green

1. Going Green Can Take Some Time

Making the decision to go green can happen overnight, but putting it into practice can take time. It’s a lifestyle change for your business that is going to require constant care and effort. However, after a certain amount of time, the effort will become second nature and will hopefully pay dividends.

2. The Initial Investment Can be Costly

Green technology is fairly new and being developed on a relatively small scale. This means it tends to be more expensive than your typical operating products. Although the initial investment may seem pricey, going green can save you tons of money in the long run. For example replacing your regular light bulbs with alternatives can reduce lighting energy costs by 75%. These savings will quickly pay for the new light bulbs and then some!

3. Going Green May Require Finding New Vendors

By deciding to go green you may have to establish relationships with new vendors. It is going to take a little research and effort on your part to find the right partners or products for your business. However, once established, these new connections will teach you new and efficient ways to help run your company.

The Bottom Line

Although there are a few obstacles that come along with your initial effort to go green, there are so many resources and people out there to help. Reach out to a fellow business owner you like and respect and ask for tips and recommendations. Most fellow business owners will be happy to lend a hand.

The process may seem daunting at first, but keep in mind that going green will not only benefit your business and the surrounding community, but it will also positively benefit you. The feeling that comes along with doing your part to save the planet is something that can’t be replicated.

It’s not going to be easy at first, but the results sure will be rewarding. Employing small environmental actions can make all the difference in your business. Don’t wait another day; make the transition to going green today!

Would you like to explore financing options to invest in environmental efficiency and immediately improve cash flow? ARF Financial is a lender you can trust. We have a quick and simple funding process. Click here to request a free, no-obligation quote!